Auckland-based credit surety provider and financial risk insurer CBL Corporation (CBL), has bought 40% of the shares in Allied Risk Holdings (Allied), Dublin, for a price of €1.38m, with the senior management team of Allied set to take the reins as CBL Insurance Europe’s senior executive team in Dublin.
CBL said in a statement that Allied is a small, Dublin-based professional insurance manager, with a number of high profile international clients, and current annual billings of €2.3m. It said clients such as Benteler Re, Continental, Greenlight Re, Porsche, and Santander Bank, have been clients for up to 20 years in some cases.
“Acquiring this senior executive team gives us more dedicated resource and expertise on the ground in our important European markets, and it follows on the heels of our recent appointment of Mark Christer as CBL's CEO of Europe", CBL managing director Peter Harris.
Details of the new appointments for CBL Insurance Europe include:
- Chief Executive Officer - Larry Sherin
- Financial Controller - Neal Lamont
- Chief Operating Officer - Ronan Ryan
- Chief Information Officer - Oliver Doyle (transferring from CBL Auckland)
Brendan Malley, the current CEO, is retiring from CBL Insurance Europe, and will take a part time claims management role with the company.
CBL said Allied Risk Management, the main operating company of Allied, is the largest independent insurance professional management company in Ireland, and has a deep knowledge of CBL's European business and strategy since being appointed by CBL to provide professional management services in 2013.
The acquisition, along with Larry Sherin’s appointment had received Central Bank of Ireland regulatory approval, CBL said.
Sherin, - presently Executive Chairman of Allied, and previously with a long career in insurance including CEO of Zurich Insurance Services and QBE Ireland, said he was delighted to be running CBL Insurance Europe.
"We have known the CBL NZ team for nearly 5 years. They are an impressive operation, and I am looking forward to working with Mark, and playing a strong part in the Group's growth in Europe.
"CBL's solid relationships and good underwriting discipline has worked well in Europe in 2016 and their clear strategy of transitioning their European business into CBL Insurance Europe, and taking advantage of Brexit, has proven to be a good one."
CBL listed on the NZX in 2015. In the 2016 financial year it reported an after-tax profit of $30.7 million.
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